Finance

How To Take Advantage Of The Rise In Dollar

The rise in dollar has wholly affected the economy in Nigeria, you can be earning averagely but the way things are expensive makes you feel you’re not earning enough to cater for yourself . Naira has little or no value and with the look of things, it’ll take time for it to get back to normalcy.

This is a daunting time for most people. However, there are some that rejoice with each rise in dollar. Those are the people that earn in dollars, there are countless ways to make money in dollars which have been reviewed on this website, this ranges from forex trading to synthetic indices and how to trade them.

Those little money in dollar are significantly big amount in naira.

Nigerians who bet against the local currency by transferring some of their naira savings into dollars at the beginning of the year are today in money. You can choose to save your dollars in a domiciliary account. A domiciliary account is like a bank account you can save foreign currencies.

Click here to see how to open a domiciliary account.

On December 31, 2021, the parallel market’s closing exchange rate was around N565 to $1. The black market exchange rate has already dropped to a staggering N720 to $1 due to the naira’s sharp decline in recent months.

According to Central Bank of Nigeria data, as of late months of 2021, an estimated $20 billion had been placed in U.S. dollars into the domiciliary accounts of Nigerian banks. The CBN valued that sum at N8.5 trillion using its official exchange rate, while the black market would have valued it at N11.3 trillion.

This saved money when converted to naira with every rise in dollars is a whooping amount of money. This set of people take great advantage of the rise which makes life way easier for them to navigate financially.

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